When investors determine whether they will settle for the gated or metered parking system, one of the main things that are on the top of their mind is how much the project will cost. Another thing that they will consider is the revenue generated. Operation, maintaince, and installation expenses are the ones that will be focused on when one is evaluating the cost. When you compare the metered and gated parking system, the following are the cost facts that you should understand.
The gated parking system is more expensive compared with the metered system. The many things in the gated system such as gate, exit, and entry machine, pay station, a Server station is some of the things that make the gated system more expensive. It is estimated that the investment cost of the gated system is 25% of the annual income for the first year. The more the equipment, the more the income you will come. On the other system, you will be required only to purchase a meter. The capital cost of the metered system is estimated to be 12% of the revenue that you will get in the first year.
Installation is the additional cost that you will incur. Gated system is expensive to install than the meter. In the gated system, some of the things you will be required to deal with is planning for the exit, entry, queue, and the parking lot. After planning, you will pay the installation labor. Installation of the metered parking is very simple and can be executed within a day.
Whether you are considering the gated or the metered system, you should make sure that you maintain it so that it last for a long time. There is a considerable difference in the way the gated and meter parking systems are maintained. You should note that there are few finance activities of the gated system. There are numerous things to be handled in the meter parking system. Technological support, a license of the software, meter warranty, cost of the transaction are some of the costs that you will incur in the meter parking system. Although the gated system has few things to be maintained, the overall maintenance cost is twice that of the metered system.
One more expense you will incur is the operating expenses. Since the in the metered parking the client serves, the investor will not be required to hire an investor. You will only be needed someone when there is maintenance to be done. However, the gated system is more costly to operate because it is more complicated. To ensure that people are honest, you should make sure that there is enforcement system installed in the metered parking. Enforcement will require you to hire enforcement agent. One more thing you are supposed to invest in the enforcement technology and vehicle.
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